CDA Urged To Auction Plots In Dollars To Fortify Pakistan’s Foreign Reserves

ISLAMABAD: The Finance Minister, Ishaq Dar, has instructed the Capital Development Authority (CDA) to auction commercial plots to foreign investors who pay in US dollars, in a bid to boost foreign reserves.

This directive was issued during a meeting chaired by the Finance Minister on Wednesday at the Finance Division, which reviewed the progress of CDA’s projects for overseas Pakistanis.

The CDA has initiated several short and medium-term housing projects for overseas Pakistanis, with one of these projects, Nilore Heights-I, currently in its completion phase.

The meeting was informed that over 6,000 applications had been received for 2,000 flats in this project from 81 countries, highlighting the strong interest of overseas Pakistanis in investing in their home country.

Recognizing the importance of overseas Pakistanis in the economic and financial growth of the country, the Finance Minister directed the CDA to accelerate the development of projects designed for this demographic.

Additionally, he instructed the CDA to hold the balloting for the Nilore Heights-I project, exclusively developed for overseas Pakistanis, before May 8 instead of May 16.

The meeting also discussed providing commercial and residential plots for overseas Pakistanis on an open auction basis. It was disclosed that the registration for plots in C-14 and C-16 sectors for overseas Pakistanis would begin in the next phase, and special facilitation desks had been established at the CDA to provide ease to overseas Pakistanis.

Overall, the Finance Minister’s directive is expected to enhance foreign exchange reserves and incentivize foreign investors to invest in Pakistan.

The housing and commercial projects being developed for overseas Pakistanis will contribute to the country’s economic development while simultaneously facilitating overseas Pakistanis in investing in their homeland.